India crude up on rupee depreciation, global prices

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India crude up on rupee depreciation, global prices
The India crude basket has moved up sharply once again in the last few days on account of a surge in global prices and deprecation in the rupee.

The Indian basket for crude was placed at Rs 5656 per barrel, as against Rs 5896 in the previous fortnight September 16-30.

In the last few days, the rupee has depreciated sharply from 51.76 levels late last week to the current level of Rs 53.07. This has led to an increase in India's crude basket. Also, the prices of crude has rallied in the international market. In fact, in the last few days Brent Crude has rallied from $108 per barrel to $114 per barrel on escalation in conflict between Syria and Turkey.

Crude is likely to remain at elevated levels on account of continuing tensions in the Middle East, which should see the Indian crude basket at higher levels.

Read more about: crude oil
Story first published: Thursday, October 11, 2012, 12:58 [IST]
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